Reserve Bank of India Forms New Blockchain Regulation Department

The Reserve Bank of India has established a new division focused primarily on marking legislative frameworks for innovations like distributed ledger, digital currencies and artificial intelligence.

The bank’s spokesman claimed:

“As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot. ... This new unit is on an experimental basis and will evolve as time passes”.

The RBI did not make official announcement of the unit but the fact came to public notice from its report that described all legal proceedings involving distributed ledger and mentioned the need in regulation of this sector.